ALLETE, Inc. announced that it has entered $400 million credit agreement with JPMorgan Chase Bank, N.A. as administrative agent, J.P. Morgan Securities LLC as sole lead arranger and sole book runner, and the several lenders party thereto (Credit Agreement). The Credit Agreement amends and restates ALLETE’s $400 million credit facility dated as of November 4, 2013. The Credit Agreement is unsecured and has a maturity date of January 10, 2024. At ALLETE’s request and subject to certain conditions, the Credit Agreement may be increased by up to $150 million and ALLETE may make two requests to extend the maturity date, each for a one-year extension. Advances may be used by ALLETE for general corporate purposes, to provide liquidity in support of ALLETE's commercial paper program and to issue up to $60 million in letters of credit. ALLETE will borrow funds under the Credit Agreement at a variable interest rate based on the Eurodollar rate. In addition, ALLETE will pay annual facility fees. Such interest rate and annual fees are based on ALLETE’s then-current senior unsecured credit ratings. The Credit Agreement contains customary conditions of borrowing, customary events of default and customary affirmative and negative covenants. The Credit Agreement includes a financial covenant to maintain a ratio of Total Indebtedness to Total Capitalization (as calculated in accordance within the Credit Agreement) equal to or less than 65 percent. Indebtedness under the Credit Agreement may be accelerated upon the occurrence of an event of default, including cross-default to other indebtedness in excess of $35 million. As of January 10, 2019, ALLETE had availability under the facility of $382.2 million.